Dollar bulls were all fired up at the mid-week trading session of the week, as currency traders await the U.S. Federal Reserve’s Interest rate decision and the leader of the world’s economy speech slated today, kept the bears on the bench momentarily with the greenback staying far away from its eight-week low against a basket of major currencies.
Recent chart patterns suggest U.S dollar bulls have all to fight for in keeping hold above 91 price levels with an intra-daily exhaustion hitting DXY bulls above such resistance level further hint that currency traders face more bumps along the way.
Consequently, currency traders in the mid-term face a difficult situation over opposite macro indicators amid rising inflation yet currency experts expect the U.S Federal Reserve Bank to affirm their ultra-low-interest-rate positions coupled with more stimulus plans thus put currency traders at the mercy of unknown market forces.
Still, market experts anticipate if the 91-resistance level is broken properly, after today’s Fed meeting, the bulls might likely have enough gas in rallying to March 9 peak at 92.43 in the midterm.
However, it could be pricey ruling dollar bears off, as the United States Apex bank latest policy assessment in recent times dismissed any hawkish expectations, that further suggests a breach below the 90 levels is on the table.
That being said, some currency traders seem to thread carefully as recent price actions reveal on placing more bullish bets thus keeping an eye on the 90.5 support levels.